CRISPR Therapeutics AG (CRSP)·Q1 2024 Earnings Summary

Executive Summary

• Q1 2024 was operationally strong with CASGEVY launch momentum (25+ ATCs activated globally and multiple patients with cells collected), but financially light given no collaboration revenue recognition; total revenue was $0.504M, net loss was $(116.6)M, and diluted EPS was $(1.43) .
• Sequentially, results normalized after a Q4 2023 milestone-heavy quarter (Q4 revenue $201.2M and diluted EPS $1.10), with Q1 showing lower OpEx YoY on R&D and G&A but higher collaboration expense tied to commercialization costs .
• Balance sheet remains robust: cash, cash equivalents, and marketable securities were $2.108B, supported by the February $280M equity raise and a $200M milestone from Vertex for CASGEVY approval .
• The near-term stock narrative hinges on CASGEVY access ramp (payer agreements, ATC activations) and pipeline catalysts (next-gen CAR-T, in vivo cardiovascular programs), with management guiding to multiple data readouts over the next 12–18 months .

What Went Well and What Went Wrong

What Went Well

• CASGEVY commercialization progressed with 25+ ATCs activated across approved regions and multiple patients already having cells collected; Vertex secured U.S. payer agreements and reimbursed access in KSA, Bahrain, and early access in France for TDT .
• R&D and G&A were meaningfully lower YoY (R&D $76.2M vs $99.9M; G&A $18.0M vs $22.4M), reflecting reduced variable external costs and lower employee-related/stock comp .
• Management tone confident: “robust launch of CASGEVY,” expanding in vivo programs (AGT, ALAS1) and capital-efficient clinical execution with “multiple data read-outs in the next 12–18 months” .

What Went Wrong

• Revenue collapsed YoY and sequentially given no collaboration revenue recognized (Q1 total revenue $0.504M vs $100.0M Q1 2023 and $201.2M Q4 2023), widening net loss YoY to $(116.6)M and EPS to $(1.43) .
• Collaboration expense rose YoY ($47.0M vs $42.2M) primarily from commercial/manufacturing costs, pressuring near-term P&L as CASGEVY launch scales .
• With minimal reported revenue, margins are not meaningful; net margin for Q1 is deeply negative given de minimis revenue and substantial operating costs (Total OpEx $141.1M) .

Financial Results

Quarter-over-Quarter Comparison

Notes: Net margin is computed from cited revenue and net income; Q3 margin N/M due to zero revenue .

Revenue Breakdown

Balance Sheet Snapshot

YoY Comparison (Q1 2024 vs Q1 2023)

KPIs (Q1 2024)

Guidance Changes

Note: CRISPR Therapeutics does not provide formal quantitative revenue/EPS guidance in the press releases reviewed.

Earnings Call Themes & Trends

Management Commentary

• “In addition [to] the robust launch of CASGEVY, we are pleased to have nominated additional in vivo programs targeting both rare and common diseases… With multiple data read-outs in the next 12–18 months, we are poised to broaden the number of patients that could potentially benefit from transformative gene-editing based therapies.” – Samarth Kulkarni, CEO .
• On CASGEVY: “Vertex has signed multiple agreements with both commercial and government health insurance providers in the U.S… reimbursed access… in KSA and Bahrain, as well as for… TDT in France through an early access program.” .
• Strategic posture: “We are executing… in a capital efficient manner” and maintain a “strong balance sheet” of ~$2.108B cash, equivalents, and marketable securities .

Q&A Highlights

• CASGEVY launch trajectory: Vertex “did mention that 5 patients already had their cells collected” and ATC activation is expected to drive an installed-base growth dynamic; management cautions the market needs 2–3 quarters to see trajectory .
• Targeted conditioning: CRSP is designing c‑Kit ADCs with transplant-appropriate PK/PD and will run head-to-head to pick the best agent; avoids detailing timelines to prevent warehousing effects .
• In vivo partnering vs. go‑it‑alone: CRSP expects early internal data in coming months to inform partnering; significant pharma interest in AGT and Lp(a) but aims to preserve value and optionality .
• Autoimmune CAR‑T prioritization: Allogeneic platform well-suited to lower B‑cell burden settings; management expects autoimmune to be a near‑term focus with off‑the‑shelf advantages over autologous and T‑cell engagers .

Estimates Context

• Wall Street consensus (S&P Global) for Q1 2024 EPS and revenue was unavailable at time of request due to provider rate limits; therefore, no beat/miss comparison can be made. Estimates may need to adjust to reflect revenue recognition cadence (milestones in Q4 vs de minimis revenue in Q1) and commercialization expense ramp .

Key Takeaways for Investors

• CASGEVY’s access build (25+ ATCs, payer agreements, early access programs) is the primary near-term commercial driver; watch Vertex updates for collections/infusions cadence and reimbursement breadth .
• P&L normalization post-Q4 milestone: expect lumpy collaboration revenue; near-term losses reflect commercialization costs; R&D/G&A discipline is evident YoY .
• Next-gen growth pillars: autoimmune CAR‑T (CTX112) initiation and in vivo cardiovascular programs (CTX310/CTX320) create multiple data catalysts over 12–18 months .
• Balance sheet strength ($2.108B) provides multi‑year runway to fund launch scaling and pipeline execution without near-term financing needs .
• Watch targeted conditioning program progress; successful development could materially expand CASGEVY’s addressable market and penetration .
• Regulatory/access tailwinds (U.S., EU, KSA, Bahrain, France EAP) reduce launch friction; monitor additional national reimbursements and ATC activations globally .
• Without consensus available, trading set‑up will center on narrative: trajectory of collections/infusions, payer wins, and pipeline readouts; expect volatility around Vertex’s detailed launch metrics and CRSP’s data disclosures .